EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Principal Amount | Fair Value | |
ASSET-BACKED SECURITIES | ||
Non-Agency — 13.51% | ||
American Credit Acceptance Receivables Trust(a) | ||
Series 2021-1 Class C | ||
$1,458,459 | 0.83%, 03/15/2027 | $ 1,436,378 |
Series 2021-1 Class D | ||
1,500,000 | 1.14%, 03/15/2027 | 1,432,489 |
Series 2021-2 Class D | ||
1,250,000 | 1.34%, 07/13/2027 | 1,174,709 |
Series 2021-4 Class D | ||
1,250,000 | 1.82%, 02/14/2028 | 1,144,588 |
1,500,000 | AmeriCredit Automobile Receivables Trust Series 2021-1 Class D 1.21%, 12/18/2026 | 1,351,851 |
1,000,000 | Apidos XXIX(a)(b) Series 2018-29A Class A2 4.33%, 07/25/2030 3-mo. LIBOR + 1.55% | 947,076 |
1,700,000 | Avant Credit Card Master Trust(a) Series 2021-1A Class A 1.37%, 04/15/2027 | 1,541,361 |
3,000,000 | Barings Ltd(a)(b) Series 2018-3A Class C 4.61%, 07/20/2029 3-mo. LIBOR + 1.90% | 2,830,458 |
1,000,000 | CCG Receivables Trust(a) Series 2020-1 Class B 1.19%, 12/14/2027 | 951,337 |
Credit Acceptance Auto Loan Trust(a) | ||
Series 2020-2A Class B | ||
1,500,000 | 1.93%, 09/17/2029 | 1,448,773 |
Series 2021-4 Class C | ||
975,000 | 1.94%, 02/18/2031 | 878,850 |
1,191,000 | DB Master Finance LLC(a) Series 2021-1A Class A2I 2.05%, 11/20/2051 | 1,011,351 |
1,200,000 | Drive Auto Receivables Trust Series 2021-2 Class D 1.39%, 03/15/2029 | 1,100,425 |
DT Auto Owner Trust(a) | ||
Series 2019-3A Class D | ||
1,178,582 | 2.96%, 04/15/2025 | 1,162,159 |
Series 2020-2A Class E | ||
1,250,000 | 7.17%, 06/15/2027 | 1,245,519 |
Series 2021-1A Class C | ||
1,500,000 | 0.84%, 10/15/2026 | 1,438,452 |
Series 2021-3A Class D | ||
2,000,000 | 1.31%, 05/17/2027 | 1,781,604 |
Series 2021-4A Class D | ||
1,750,000 | 1.99%, 09/15/2027 | 1,567,386 |
49,252 | GMACM Home Equity Loan Trust(c) Series 2007-HE2 Class A3 6.19%, 12/25/2037 | 49,637 |
1,000,000 | ICG US Ltd(a)(b) Series 2018-3A Class B1R 4.23%, 01/24/2032 3-mo. LIBOR + 1.45% | 929,951 |
Principal Amount | Fair Value | |
Non-Agency — (continued) | ||
$1,500,000 | Madison Park Funding XLVIII Ltd(a)(b) Series 2021-48A Class C 4.74%, 04/19/2033 3-mo. LIBOR + 2.00% | $ 1,386,989 |
1,500,000 | Magnetite XXII Ltd(a)(b) Series 2019-22A Class CR 4.46%, 04/15/2031 3-mo. LIBOR + 1.95% | 1,381,271 |
949,637 | MVW LLC(a) Series 2021-1WA Class C 1.94%, 01/22/2041 | 841,099 |
Navient Private Education Refi Loan Trust(a) | ||
Series 2021-A Class A | ||
974,103 | 0.84%, 05/15/2069 | 856,875 |
Series 2021-BA Class A | ||
1,174,709 | 0.94%, 07/15/2069 | 1,010,026 |
Series 2021-CA Class A | ||
1,214,917 | 1.06%, 10/15/2069 | 1,042,228 |
1,000,000 | Oaktree Ltd(a)(b) Series 2019-3A Class BR 4.46%, 10/20/2034 3-mo. LIBOR + 1.75% | 932,618 |
2,000,000 | Octagon Investment Partners 45 Ltd(a)(b) Series 2019-1A Class BR 4.18%, 04/15/2035 3-mo. SOFR + 1.85% | 1,876,104 |
1,150,000 | OneMain Direct Auto Receivables Trust(a) Series 2021-1A Class D 1.62%, 11/14/2030 | 988,668 |
Santander Drive Auto Receivables Trust | ||
Series 2021-2 Class D | ||
750,000 | 1.35%, 07/15/2027 | 706,739 |
Series 2021-3 Class D | ||
1,200,000 | 1.33%, 09/15/2027 | 1,126,727 |
Series 2021-4 Class D | ||
2,000,000 | 1.67%, 10/15/2027 | 1,852,133 |
800,052 | SCF Equipment Leasing LLC(a) Series 2020-1A Class A3 1.19%, 10/20/2027 | 782,072 |
3,756,000 | Voya Ltd(a)(b) Series 2016-1A Class BR 4.54%, 01/20/2031 3-mo. SOFR + 2.06% | 3,456,722 |
650,000 | Westlake Automobile Receivables Trust(a) Series 2021-2A Class D 1.23%, 12/15/2026 | 599,936 |
500,000 | World Omni Select Auto Trust Series 2021-A Class D 1.44%, 11/15/2027 | 452,944 |
44,717,505 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Principal Amount | Fair Value | |
U.S. Government Agency — 0.00% | ||
$ 883 | Federal National Mortgage Association Grantor Trust(d) Series 2003-T4 Class 2A6 4.51%, 07/26/2033 | $ 862 |
TOTAL ASSET-BACKED SECURITIES — 13.51% (Cost $48,219,232) | $44,718,367 | |
BANK LOANS | ||
Asurion LLC(b) | ||
3,246,268 | 6.37%,12/23/2026 1-mo. LIBOR + 3.22% | 2,743,096 |
333,453 | 7.13%,08/21/2028 3-mo. LIBOR + 3.38% | 285,311 |
2,228,354 | Berry Global Inc(b) 4.18%, 07/01/2026 3-mo. LIBOR + 0.42% | 2,154,772 |
1,481,203 | Catalent Pharma Solutions Inc(b) 5.06%, 02/22/2028 1-mo. LIBOR + 1.92% | 1,465,773 |
2,698,636 | Change Healthcare Holdings LLC(b) 6.50%, 03/01/2024 3-mo. LIBOR + 4.71% | 2,690,203 |
2,976,247 | Entain Holdings Ltd(b) 6.17%, 03/29/2027 3-mo. LIBOR + 2.42% | 2,894,400 |
479,152 | Icon SARL(b) 5.94%, 07/03/2028 3-mo. LIBOR + 2.18% | 467,173 |
2,226,814 | Jazz Financing SARL(b) 6.62%, 05/05/2028 1-mo. LIBOR + 3.47% | 2,147,947 |
119,381 | PRA Health Sciences Inc(b) 5.94%, 07/03/2028 3-mo. LIBOR + 2.18% | 116,397 |
992,500 | Southwestern Energy Co(b) 6.20%, 06/22/2027 3-mo. LIBOR + 2.45% | 975,131 |
2,397,368 | Vyaire Medical Inc(b) 7.04%, 04/16/2025 3-mo. LIBOR + 3.28% | 1,750,079 |
TOTAL BANK LOANS — 5.35% (Cost $19,025,748) | $17,690,282 | |
CORPORATE BONDS AND NOTES | ||
Basic Materials — 1.40% | ||
Celanese US Holdings LLC | ||
2,000,000 | 5.90%, 07/05/2024 | 1,972,279 |
500,000 | 6.17%, 07/15/2027 | 473,202 |
1,000,000 | Sherwin-Williams Co 4.05%, 08/08/2024 | 983,351 |
1,250,000 | Steel Dynamics Inc 2.80%, 12/15/2024 | 1,194,113 |
4,622,945 |
Principal Amount | Fair Value | |
Communications — 1.67% | ||
$2,000,000 | DISH DBS Corp 5.88%, 11/15/2024 | $ 1,785,000 |
1,735,000 | Juniper Networks Inc 1.20%, 12/10/2025 | 1,521,543 |
500,000 | Sirius XM Radio Inc(a) 3.13%, 09/01/2026 | 439,112 |
2,000,000 | T-Mobile USA Inc 2.25%, 02/15/2026 | 1,789,560 |
5,535,215 | ||
Consumer, Cyclical — 13.01% | ||
2,000,000 | Aptiv PLC / Aptiv Corp 2.40%, 02/18/2025 | 1,866,298 |
1,500,000 | BMW US Capital LLC(a) 3.25%, 04/01/2025 | 1,432,691 |
1,250,000 | Brinker International Inc 3.88%, 05/15/2023 | 1,228,066 |
2,500,000 | Cinemark USA Inc(a) 8.75%, 05/01/2025 | 2,527,377 |
2,000,000 | Dollar General Corp 4.25%, 09/20/2024 | 1,975,985 |
3,000,000 | Ford Motor Credit Co LLC 2.30%, 02/10/2025 | 2,658,892 |
General Motors Financial Co Inc | ||
1,500,000 | 1.05%, 03/08/2024 | 1,405,745 |
2,000,000 | 1.20%, 10/15/2024 | 1,835,838 |
2,000,000 | Genuine Parts Co 1.75%, 02/01/2025 | 1,846,308 |
2,500,000 | Hilton Domestic Operating Co Inc(a) 5.38%, 05/01/2025 | 2,443,381 |
2,000,000 | Hyundai Capital America(a) 1.00%, 09/17/2024 | 1,827,060 |
2,000,000 | Las Vegas Sands Corp 3.20%, 08/08/2024 | 1,885,318 |
2,500,000 | Lowe's Cos Inc 4.40%, 09/08/2025 | 2,461,849 |
1,500,000 | Mercedes-Benz Finance North America LLC(a) 0.75%, 03/01/2024 | 1,412,658 |
2,500,000 | MGM Resorts International 6.75%, 05/01/2025 | 2,462,575 |
2,000,000 | Nissan Motor Acceptance Co LLC(a) 1.13%, 09/16/2024 | 1,817,592 |
2,000,000 | PACCAR Financial Corp 2.85%, 04/07/2025 | 1,912,059 |
3,000,000 | PVH Corp 4.63%, 07/10/2025 | 2,876,112 |
2,500,000 | Toyota Motor Credit Corp 3.95%, 06/30/2025 | 2,440,149 |
1,500,000 | Volkswagen Group of America Finance LLC(a) 3.95%, 06/06/2025 | 1,440,852 |
3,500,000 | Warnermedia Holdings Inc(a) 3.79%, 03/15/2025 | 3,304,139 |
43,060,944 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Principal Amount | Fair Value | |
Consumer, Non-Cyclical — 7.53% | ||
$1,000,000 | Bacardi Ltd(a) 4.45%, 05/15/2025 | $ 958,622 |
2,000,000 | Baxter International Inc 1.32%, 11/29/2024 | 1,846,330 |
3,065,000 | Bayer US Finance II LLC(a) 2.85%, 04/15/2025 | 2,862,480 |
2,500,000 | Constellation Brands Inc 3.60%, 05/09/2024 | 2,445,668 |
3,000,000 | Global Payments Inc 1.50%, 11/15/2024 | 2,756,312 |
1,500,000 | GSK Consumer Healthcare Capital US LLC(a) 3.02%, 03/24/2024 | 1,451,069 |
2,000,000 | HCA Inc(a) 3.13%, 03/15/2027 | 1,770,578 |
3,000,000 | McKesson Corp 0.90%, 12/03/2025 | 2,627,519 |
1,000,000 | Mondelez International Holdings Netherlands BV(a) 0.75%, 09/24/2024 | 916,846 |
2,000,000 | Nestle Holdings Inc(a) 4.00%, 09/12/2025 | 1,969,257 |
2,000,000 | Universal Health Services Inc(a) 1.65%, 09/01/2026 | 1,676,011 |
2,000,000 | Viatris Inc 1.65%, 06/22/2025 | 1,777,979 |
2,000,000 | Zimmer Biomet Holdings Inc 1.45%, 11/22/2024 | 1,849,335 |
24,908,006 | ||
Energy — 5.62% | ||
3,000,000 | Canadian Natural Resources Ltd 2.05%, 07/15/2025 | 2,735,196 |
3,500,000 | Energy Transfer LP 3.90%, 05/15/2024 | 3,412,341 |
EQT Corp | ||
1,500,000 | 6.13%, 02/01/2025 | 1,501,920 |
1,000,000 | 5.68%, 10/01/2025 | 993,845 |
100,000 | 3.13%, 05/15/2026(a) | 91,071 |
1,500,000 | Gray Oak Pipeline LLC(a) 2.00%, 09/15/2023 | 1,449,765 |
2,000,000 | Midwest Connector Capital Co LLC(a) 3.90%, 04/01/2024 | 1,932,116 |
2,000,000 | Phillips 66 1.30%, 02/15/2026 | 1,746,823 |
3,000,000 | Plains All American Pipeline LP / PAA Finance Corp 3.60%, 11/01/2024 | 2,884,540 |
2,000,000 | TransCanada PipeLines Ltd 1.00%, 10/12/2024 | 1,843,000 |
18,590,617 | ||
Financial — 36.31% | ||
AerCap Ireland Capital Designated Activity Co | ||
2,500,000 | 1.15%, 10/29/2023 | 2,374,825 |
2,500,000 | 1.75%, 10/29/2024 | 2,274,255 |
Principal Amount | Fair Value | |
Financial — (continued) | ||
$3,000,000 | Ally Financial Inc 3.88%, 05/21/2024 | $ 2,930,950 |
2,000,000 | American Express Co 3.95%, 08/01/2025 | 1,937,115 |
4,750,000 | Athene Global Funding 0.95%, 01/08/2024 | 4,470,999 |
Bank of America Corp | ||
2,000,000 | 0.81%, 10/24/2024 | 1,901,598 |
5,000,000 | 3.46%, 03/15/2025 | 4,841,939 |
3,000,000 | 1.53%, 12/06/2025 | 2,744,114 |
2,500,000 | Bank of Montreal(a) 3.75%, 07/25/2025 | 2,435,546 |
2,500,000 | Bank of New York Mellon Corp(e) 3.35%, 04/25/2025 | 2,414,586 |
Bank of Nova Scotia | ||
3,000,000 | 0.70%, 04/15/2024(e) | 2,809,684 |
2,500,000 | 3.45%, 04/11/2025 | 2,394,506 |
Barclays PLC | ||
2,500,000 | 3.65%, 03/16/2025 | 2,363,960 |
500,000 | 5.30%, 08/09/2026 | 480,360 |
Canadian Imperial Bank of Commerce(e) | ||
2,500,000 | 1.00%, 10/18/2024 | 2,308,350 |
1,500,000 | 2.25%, 01/28/2025 | 1,405,978 |
Capital One Financial Corp | ||
1,500,000 | 1.34%, 12/06/2024 | 1,424,740 |
2,500,000 | 4.99%, 07/24/2026 | 2,444,124 |
Citigroup Inc | ||
950,000 | 1.28%, 11/03/2025 | 867,814 |
7,000,000 | 3.67%, 06/09/2027(b)(e) 1-day SOFR + 0.77% | 6,688,140 |
2,000,000 | Citizens Bank NA 4.12%, 05/23/2025 | 1,961,286 |
3,420,000 | EPR Properties REIT 4.50%, 04/01/2025 | 3,215,306 |
2,000,000 | Equitable Financial Life Global Funding(a) 0.80%, 08/12/2024 | 1,844,212 |
3,500,000 | Fifth Third Bancorp 2.38%, 01/28/2025 | 3,269,659 |
2,000,000 | Goldman Sachs Group Inc 0.93%, 10/21/2024 | 1,898,301 |
2,000,000 | Huntington Bancshares Inc 2.63%, 08/06/2024 | 1,910,540 |
1,500,000 | Intercontinental Exchange Inc 3.65%, 05/23/2025 | 1,450,029 |
JPMorgan Chase & Co | ||
2,000,000 | 3.85%, 06/14/2025 | 1,945,186 |
2,000,000 | 0.77%, 08/09/2025(f) | 1,833,477 |
4,000,000 | 2.60%, 02/24/2026 | 3,721,114 |
1,000,000 | Keybank NA 4.15%, 08/08/2025 | 969,293 |
1,500,000 | KeyCorp 3.88%, 05/23/2025 | 1,460,506 |
250,000 | Lehman Brothers Holdings Inc Escrow Account(g)(h) 0.00%, 10/15/2025 | 925 |
3,000,000 | Metropolitan Life Global Funding I(a)(e) 0.95%, 07/02/2025 | 2,689,140 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Principal Amount | Fair Value | |
Financial — (continued) | ||
Morgan Stanley | ||
$2,000,000 | 0.79%, 01/22/2025 | $ 1,873,515 |
2,400,000 | 3.62%, 04/17/2025(b) 1-day SOFR + 1.16% | 2,330,794 |
2,000,000 | 1.16%, 10/21/2025 | 1,822,764 |
3,000,000 | NatWest Markets PLC(a) 0.80%, 08/12/2024 | 2,755,316 |
2,000,000 | New York Life Global Funding(a) 1.45%, 01/14/2025 | 1,849,937 |
2,500,000 | Northwestern Mutual Global Funding(a) 4.00%, 07/01/2025 | 2,435,048 |
2,000,000 | Pricoa Global Funding I(a) 1.15%, 12/06/2024 | 1,844,084 |
Principal Life Global Funding II(a) | ||
1,800,000 | 0.75%, 04/12/2024 | 1,679,833 |
2,000,000 | 0.75%, 08/23/2024 | 1,837,684 |
2,250,000 | Protective Life Global Funding(a) 1.65%, 01/13/2025 | 2,063,023 |
3,000,000 | Royal Bank of Canada 3.38%, 04/14/2025 | 2,886,722 |
1,000,000 | Synchrony Bank 5.40%, 08/22/2025 | 975,036 |
3,500,000 | Synchrony Financial 4.88%, 06/13/2025 | 3,376,461 |
Toronto-Dominion Bank | ||
2,000,000 | 4.29%, 09/13/2024 | 1,969,841 |
2,000,000 | 1.25%, 09/10/2026 | 1,712,507 |
2,500,000 | Truist Financial Corp 4.26%, 07/28/2026 | 2,431,363 |
2,225,000 | USAA Capital Corp(a) 3.38%, 05/01/2025 | 2,143,485 |
1,250,000 | VICI Properties LP REIT 4.38%, 05/15/2025 | 1,190,175 |
Wells Fargo & Co | ||
2,000,000 | 3.91%, 04/25/2026(b) 1-day SOFR + 1.32% | 1,911,935 |
1,500,000 | 2.19%, 04/30/2026 | 1,369,908 |
120,141,988 | ||
Industrial — 4.32% | ||
2,000,000 | Boeing Co 1.95%, 02/01/2024 | 1,918,868 |
2,500,000 | Caterpillar Financial Services Corp 3.65%, 08/12/2025 | 2,429,765 |
2,000,000 | CNH Industrial Capital LLC 3.95%, 05/23/2025 | 1,928,782 |
2,000,000 | Huntington Ingalls Industries Inc 0.67%, 08/16/2023 | 1,928,471 |
2,500,000 | Parker-Hannifin Corp 3.65%, 06/15/2024 | 2,445,070 |
2,500,000 | Sonoco Products Co 1.80%, 02/01/2025 | 2,316,095 |
1,345,000 | Trimble Inc 4.15%, 06/15/2023 | 1,340,136 |
14,307,187 |
Principal Amount | Fair Value | |
Technology — 5.18% | ||
$2,000,000 | Fidelity National Information Services Inc 4.50%, 07/15/2025 | $ 1,957,122 |
Microchip Technology Inc | ||
3,000,000 | 0.97%, 02/15/2024 | 2,826,482 |
1,000,000 | 0.98%, 09/01/2024 | 920,478 |
1,725,000 | NetApp Inc 1.88%, 06/22/2025 | 1,575,191 |
3,000,000 | Oracle Corp 1.65%, 03/25/2026 | 2,628,605 |
1,600,000 | PTC Inc(a) 3.63%, 02/15/2025 | 1,490,445 |
1,000,000 | Qorvo Inc(a) 1.75%, 12/15/2024 | 921,813 |
2,000,000 | Skyworks Solutions Inc 0.90%, 06/01/2023 | 1,940,350 |
3,000,000 | Take-Two Interactive Software Inc 3.55%, 04/14/2025 | 2,878,464 |
17,138,950 | ||
Utilities — 1.02% | ||
2,000,000 | American Electric Power Co Inc 2.03%, 03/15/2024 | 1,914,128 |
1,500,000 | NextEra Energy Capital Holdings Inc 4.26%, 09/01/2024 | 1,478,436 |
3,392,564 | ||
TOTAL CORPORATE BONDS AND NOTES — 76.06% (Cost $268,088,397) | $251,698,416 | |
MORTGAGE-BACKED SECURITIES | ||
Non-Agency — 2.80% | ||
570,861 | Angel Oak Mortgage Trust(a)(c) Series 2021-3 Class A3 1.46%, 05/25/2066 | 473,583 |
1,500,000 | CityLine Commercial Mortgage Trust(a)(c) Series 2016-CLNE Class A 2.87%, 11/10/2031 | 1,444,229 |
867,039 | Deephaven Residential Mortgage Trust(a)(c) Series 2022-1 Class A1 2.21%, 01/25/2067 | 764,198 |
925,449 | GS Mortgage-Backed Securities Trust(a)(c) Series 2022-PJ1 Class A8 2.50%, 05/28/2052 | 793,862 |
1,963,586 | JPMBB Commercial Mortgage Securities Trust Series 2015-C27 Class ASB 3.02%, 02/15/2048 | 1,904,014 |
855,119 | RCKT Mortgage Trust(a)(c) Series 2022-1 Class A5 2.50%, 01/25/2052 | 732,463 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
Principal Amount | Fair Value | |
Non-Agency — (continued) | ||
Starwood Mortgage Residential Trust(a)(c) | ||
Series 2021-3 Class A3 | ||
$ 983,322 | 1.52%, 06/25/2056 | $ 801,768 |
Series 2021-6 Class A1 | ||
1,737,517 | 1.92%, 11/25/2066 | 1,424,200 |
Verus Securitization Trust(a)(c) | ||
Series 2021-2 Class A3 | ||
742,358 | 1.55%, 02/25/2066 | 609,712 |
Series 2021-5 Class A3 | ||
389,026 | 1.37%, 09/25/2066 | 314,532 |
TOTAL MORTGAGE-BACKED SECURITIES — 2.80% (Cost $10,554,126) | $9,262,561 | |
U.S. TREASURY BONDS AND NOTES | ||
6,750,000 | United States Treasury Note/Bond 1.50%, 09/30/2024 | 6,399,053 |
TOTAL U.S. TREASURY BONDS AND NOTES — 1.94% (Cost $6,426,736) | $6,399,053 | |
Shares | ||
GOVERNMENT MONEY MARKET MUTUAL FUNDS | ||
865,000 | Dreyfus Institutional Preferred Government Plus Money Market Fund Class SL(i), 2.57%(j) | 865,000 |
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.26% (Cost $865,000) | $865,000 | |
Principal Amount | ||
SHORT TERM INVESTMENTS | ||
Repurchase Agreements — 2.63% | ||
2,275,568 | Undivided interest of 1.93% in a repurchase agreement (principal amount/value $118,322,658 with a maturity value of $118,352,633) with RBC Capital Markets Corp, 3.04%, dated 9/30/22 to be repurchased at $2,275,568 on 10/3/22 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 6.00%, 8/15/25 - 8/20/52, with a value of $120,689,112.(i) | 2,275,568 |
Principal Amount | Fair Value | |
Repurchase Agreements — (continued) | ||
$2,275,567 | Undivided interest of 1.94% in a repurchase agreement (principal amount/value $117,322,658 with a maturity value of $117,352,478) with Bank of America Securities Inc, 3.05%, dated 9/30/22 to be repurchased at $2,275,567 on 10/3/22 collateralized by Federal National Mortgage Association securities, 2.00% - 6.00%, 7/1/50 - 9/1/52, with a value of $119,669,111.(i) | $ 2,275,567 |
2,275,567 | Undivided interest of 1.94% in a repurchase agreement (principal amount/value $117,322,658 with a maturity value of $117,352,478) with Citigroup Global Markets Inc, 3.05%, dated 9/30/22 to be repurchased at $2,275,567 on 10/3/22 collateralized by U.S. Treasury securities and various U.S. Government Agency securities, 0.00% - 5.38%, 2/15/24 - 3/20/52, with a value of $119,669,116.(i) | 2,275,567 |
1,888,618 | Undivided interest of 1.99% in a repurchase agreement (principal amount/value $94,920,325 with a maturity value of $94,944,451) with Bank of Montreal, 3.05%, dated 9/30/22 to be repurchased at $1,888,618 on 10/3/22 collateralized by Federal National Mortgage Association securities, 2.00% - 6.00%, 8/1/36 - 9/1/52, with a value of $96,818,731.(i) | 1,888,618 |
TOTAL SHORT TERM INVESTMENTS — 2.63% (Cost $8,715,320) | $8,715,320 | |
TOTAL INVESTMENTS — 102.55% (Cost $361,894,559) | $339,348,999 | |
OTHER ASSETS & LIABILITIES, NET — (2.55)% | $(8,432,900) | |
TOTAL NET ASSETS — 100.00% | $330,916,099 |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of September 30, 2022 (Unaudited)
(a) | Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. |
(b) | Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect at September 30, 2022. |
(c) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(d) | Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield at September 30, 2022. Maturity date disclosed represents final maturity date. |
(e) | All or a portion of the security is on loan at September 30, 2022. |
(f) | Restricted security; further details of these securities are included in a subsequent table. |
(g) | Security in bankruptcy. |
(h) | Security in default. |
(i) | Collateral received for securities on loan. |
(j) | Rate shown is the 7-day yield as of September 30, 2022. |
LIBOR | London Interbank Offered Rate is the interest rate banks charge each other for short-term loans. |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate is the secured interbank overnight interest rate and reference rate established as an alternative to LIBOR. |
At September 30, 2022, the Fund held the following restricted securities: | ||||||||||||
Security | Coupon | Maturity Date | Acquisition Dates | Cost | Fair Value | Fair Value as a Percentage of Net Assets | ||||||
Corporate Bonds and Notes | ||||||||||||
JPMorgan Chase & Co(a) | 0.77% | 08/09/2025 | 08/03/2021 | $2,000,000 | $1,833,477 | 0.55% | ||||||
(a) | Restricted security; further details of these securities are included in a subsequent table. |
See Notes to Schedule of Investments.
September 30, 2022
EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of the Fund has adopted policies and procedures for the valuation of the Fund’s securities and assets, and has appointed the Fair Value Pricing Committee of the investment adviser, Empower Capital Management, LLC, to complete valuation determinations under those policies and procedures.
The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. The net asset value (NAV) of each class of the Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value. Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board of Directors, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Investments in shares of the underlying mutual funds are valued at the net asset value as reported by the underlying mutual fund, which may be obtained from pricing services or other pricing sources.
Independent pricing services are approved by the Board of Directors and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.
Class | Inputs |
Asset-Backed Securities | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information. |
Bank Loans | Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news. |
Corporate Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer. |
Mortgage-Backed Securities | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market |
September 30, 2022
research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis. | |
U.S. Treasury Bonds and Notes | Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. |
Government Money Market Mutual Funds | Net asset value of underlying mutual fund. |
Short Term Investments | Maturity date, credit quality and interest rates. |
The Fund classifies its valuations into three levels based upon the observability of inputs to the valuation of the Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the Fund’s own assumptions and would be based on the best information available under the circumstances.
As of September 30, 2022, 100% of the Fund’s investments are valued using Level 2 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.
Restricted Securities
Investments in securities include issues that are restricted. A restricted security may have contractual restrictions on resale and is valued under methods approved by the Board of Directors reflecting fair value. Restricted securities are marked with an applicable footnote on the Schedule of Investments and are reported in a table following the Schedule of Investments.
Repurchase Agreements
The Fund may engage in repurchase agreement transactions with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund will purchase securities at a specified price with an agreement to sell the securities to the same counterparty at a specified time, price and interest rate. The Fund’s custodian and/or securities lending agent receives delivery of the underlying securities collateralizing a repurchase agreement. Collateral is at least equal to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.
September 30, 2022